New York reports 2nd worst unemployment recovery rate

NEW YORK (WWTI) — Following economic struggles during the COVID-19 crisis, New York State continues to report a poor unemployment recovery rate.

According to a recent WalletHub study, the economy added only 1.8 million nonfarm payroll jobs in July, compared to 4.8 million in June of 2020. This has led to a poor recovery rate across the nation, but negative implications in New York.

The study observed the change in each state’s unemployment during the latest month across 50 states and Washington D.C.

New York State specific findings included:

• 286.83% Change in Unemployment (July 2020 vs July 2019)
  • 1,548,633 unemployed people in July 2020 vs 400,342 in July 2019;
  • 3rd worst recovery in the U.S. 
• 295.93% Change in Unemployment (July 2020 vs January 2020)
  • 1,548,633 unemployed people in July 2020 vs 391,140 in January 2020;
  • 3rd worst recovery in the U.S.
• 1,047.98% Change in Not Seasonally Adjusted Continued Claims (July 2020 vs July 2019)
  • 1,539,400 continued claims in July 2020 vs 134,096 in July 2019
  • 19th worst recovery in the U.S. 
• 16.0% Unemployment Rate (July 2020)
  • 2nd highest unemployment rate in the U.S.

For the full study, visit the WalletHub website.